ONEOK's revenue has expanded sharply from $4.9B in 2Q24 to $12.5B in 3Q26, with total assets rising 67% to $74.3B, a step-change that appears driven largely by acquisitions rather than organic build-out.
Price trend, volume and key moving averages
Start with the evidence for owning the stock and the risks that can break the thesis.
Revenue has more than doubled since 2Q24 while operating margin declined from 25.1% to 12.6% and gross margin fell to 12.6% in 3Q26, suggesting growth is coming from lower-margin marketing and refined products mix.
ONEOK is projected to see EBITDA growth in 2026 as synergies from Magellan, EnLink, and Medallion integrations materialize.
ONEOK will release first-quarter 2026 earnings, which could serve as a catalyst for the stock as the market evaluates performance.
A bullish thesis on ONEOK has been highlighted by Pacific Northwest Edge's Substack, suggesting positive sentiment among analysts.
Trailing total returns as of 11/7/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).
Check whether operating performance supports the current valuation.
Recent results and news deserve attention only when they alter the forward view.
| Quarter | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|
Q4 2026Latest Oct 27, 2026 | $2.13+42.0% vs $1.50 | $12.5B+18.2% vs $10.5B |
Q3 2026 Aug 3, 2026 | $1.53+4.8% vs $1.46 | $12.0B+34.6% vs $8.9B |
Q2 2026 Apr 28, 2026 | $1.23-5.4% vs $1.30 | $9.6B+16.8% vs $8.2B |
Q1 2026 Feb 23, 2026 | $1.55+3.3% vs $1.50 | $9.1B+3.6% vs $8.7B |
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ONEOK, Inc. is upgraded to buy following the Brazos Midstream Permian Basin acquisition and strong Q3 results. OKE's diversified midstream portfolio and strategic acquisition are expected to drive EBITDA growth, with 2027 EBITDA projected at $9.2 billion. The $9B minority equity investment structure enables asset acquisition and debt reduction but limits shareholder access to 100% of cash flows.
Benchmark OKE against direct peers instead of judging its metrics in isolation.
Key metrics vs top competitors for ONEOK, Inc. (OKE)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $85.19 | $53.67B | 13.24 | 55.42% | 9.42% | 16.18% | 4.8% | |
| $64.08 | $78.37B | 25.40 | 13.78% | 25% | 18.66% | 3.12% | |
| $29.96 | $66.71B | 18.52 | 12.45% | 19.64% | 11.02% | 3.91% | |
| $264.59 | $56.79B | 23.27 | 3.06% | 13.46% | 68.83% | 1.44% | |
| $113.66 | $11.59B | 24.78 | 26.71% | 35.36% | 9.59% | 2.78% | |
| $55.91 | $56.73B | 13.01 | 8.37% | 33.83% | 30.37% | 7.05% |
ONEOK, Inc. (OKE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Verify the primary filings, follow material updates, and answer the remaining questions.
ONEOK, Inc. (OKE) SEC filings — annual & quarterly reports (10-K, 10-Q)
Oct 27, 2026·SEC
Aug 3, 2026·SEC
May 21, 2026·SEC
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ONEOK, Inc. (OKE) stock FAQ — growth, dividends, profitability & financials explained
ONEOK, Inc. (OKE) reported $43.19B in revenue over the trailing twelve months. Revenue was $33.63B in fiscal year 2025. That is 2647% more than the $1.22B of fiscal year 1996.
ONEOK, Inc. (OKE) grew revenue by 36.8% over the trailing twelve months, compared with the twelve months before.
Yes. ONEOK, Inc. (OKE) earned $4.07B in net income over the trailing twelve months (a 9.4% net margin).
Yes. ONEOK, Inc. (OKE) pays a dividend that yields 4.80% at the current price, a high yield.
ONEOK, Inc. (OKE) had a return on equity (ROE) of 16.2% over the trailing twelve months. That is above the market's typical 10-15%.
ONEOK, Inc. (OKE) generated $2.53B in free cash flow over the trailing twelve months.
